Geico Announces 15% Auto Insurance Credit Because People Are Driving Less

Geico is really living up to their old motto of saving people 15% on their car insurance, but now you don't even need 15 minutes.

In a statement released on Tuesday, Geico said it will be giving a 15 percent credit to auto and motorcycle policyholders when they renew their coverage this year because people are driving far less.

The program applies to policies that are scheduled to be renewed between April 7 and Oct. 7, 2020. The average discount awarded to a 6 month premium will be around $150 for auto policyholders and about $30 for motorcycle policyholders.

All told, the rebates issued by Geico will total around $2.5 billion.

Geico joins Allstate and American Family in refunding some of the money policyholders are spending. Thanks to stay-at-home orders in more than 40 states nationwide, customers are driving far less, leading to fewer accidents and payouts by insurance companies.

Allstate's program also includes a 15% refund for their customers for the months of April and May, while American Family has opted to return $50 per vehicle insured.

Photo: Getty Images

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